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The airline industry has been hit hard during the COVID-19 pandemic and seaborne jet fuel cargo volumes suffered along with it. In comparison to pre-pandemic levels, available seat kilometres dropped nearly 90% in early 2020.
BIMCO is an international association organising training courses, seminars, subcommittee meetings, working groups, etc. worldwide. As a consequence of the current spread of Coronavirus, BIMCO has decided that no BIMCO staff can travel to the Far East until further notice.
The Singapore Maritime Port Authority announcing full personal protective equipment required with immediate effect, for personnel facilitating crew changes in Singapore.
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. This especially holds true for the commercial shipping markets, which remain heavily reliant upon China, both on the import and export side.
Gibraltar - a major crew changing hub, is following the recommendations proposed by BIMCO, the International Chamber of Shipping (ICS) and other industry partners, and facilitated by IMO in a circular letter, by easing restrictions to crew change as a result of COVID-19 challenges.
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to work in China is not enough to support the market.
Get the latest insight and interviews in the June edition of BIMCO’s Bulletin magazine.
